Stroke Management Market Worldwide Review & Forecast by 2023
SummaryStroke is the condition that occurs when the clot is formed in the artery and the oxygen supply to the brain is cut off, brain cells get deprived of oxygen and starts to die. Stroke can be thrombotic or embolic.
“Global stroke management market is anticipated to grow at a CAGR of 7.1% from 2017 to 2023, driven by rise in geriatric population, surge in prevalence of cardiac disorders, and increased patient awareness. The diagnostics segment would continue its dominance throughout the forecast period, while the hemorrhagic stroke segment would register the highest growth rate in the near future. Regionally, Asia-Pacific is expected to register the highest CAGR of 8.4% through 2023.”
Rise in incidences of cardiac disorders, surge in geriatric population, and increased patient awareness drive the growth of the global stroke management market. However, limited insurance coverage along with high cost of devices impede market growth. Nonetheless, improvement in healthcare infrastructure in developing nations would provide lucrative opportunities to new market players in the future.
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By type, the diagnostics segment is expected to continue its dominance in the future and occupy almost four-fifths of the overall share by 2023, owing to an increased number of diagnostics procedures for pre-detection of strokes when any signs or symptoms are noticed. The segment is also projected to register the highest CAGR of 8.5% during the forecast period. In addition, the therapeutics segment is poised to grow at a CAGR of 2.9% from 2017 to 2023.
By application, the ischemic stroke segment is expected to dominate the global market and generate more than four-fifths of the overall revenue by 2023. This is attributed to the increase in incidences of ischemic stroke. However, the hemorrhagic stroke segment is projected to grow at the highest CAGR of 7.7% during the forecast period.
Regionally, Asia-Pacific is projected to register the highest CAGR of 8.4% from 2017 to 2023, owing to rise in government healthcare expenditure and growth in demand for healthcare devices from a large pool of patient population, and improvement in healthcare infrastructure. However, North America occupied almost two-fifths of the overall market in 2017 and is expected to continue its dominance through 2023. This is attributed to rise in expenditure to upgrade healthcare systems and growing demand for technologically advanced devices for rapid & accurate distribution of medicines.
The key players analyzed in the report include Abbott Laboratories, B Braun Melsungen AG, Boston Scientific Corp., Bristol-Myers Squibb, Medtronic Plc., Cardinal Health, GE Healthcare, Siemens Healthcare, GlaxoSmithKline Plc., and Merck & Company. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
According to a report by Allied Market Research, the global stroke management market accounted for $24.28 billion in 2017 and is expected to garner $36.75 billion by 2023, registering a CAGR of 7.1% during the forecast period, 2017-2023.
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